v3.25.2
Reinsurance
 6 Months Ended
Jun. 30, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Fronting premiums are attributable to business written on behalf of third-party capacity providers, substantially all of which are ceded.

Quarter Ended June 30,
20252024
(dollars in thousands)DirectAssumedCededNet PremiumsDirectAssumedCededNet Premiums
Underwriting:
Written$2,414,799 $471,869 $(643,567)$2,243,101 $2,356,536 $564,851 $(642,448)$2,278,939 
Earned$2,210,284 $451,071 $(519,923)$2,141,432 $2,149,773 $414,488 $(487,002)$2,077,259 
Fronting:
Written821,727 1,436,096 (2,257,573)250 943,140 847,603 (1,790,903)(160)
Earned832,497 317,130 (1,149,368)259 811,377 240,844 (1,052,381)(160)
Consolidated:
Written$3,236,526 $1,907,965 $(2,901,140)$2,243,351 $3,299,676 $1,412,454 $(2,433,351)$2,278,779 
Earned$3,042,781 $768,201 $(1,669,291)$2,141,691 $2,961,150 $655,332 $(1,539,383)$2,077,099 

Six Months Ended June 30,
20252024
(dollars in thousands)DirectAssumedCededNet PremiumsDirectAssumedCededNet Premiums
Underwriting:
Written$4,550,772 $1,200,912 $(1,198,292)$4,553,392 $4,464,003 $1,233,550 $(1,186,404)$4,511,149 
Earned$4,405,767 $889,116 $(1,064,079)$4,230,804 $4,348,011 $807,430 $(950,382)$4,205,059 
Fronting:
Written1,595,411 2,015,626 (3,610,787)250 1,688,098 1,266,878 (2,955,309)(333)
Earned1,571,742 561,436 (2,132,917)261 1,515,059 364,115 (1,879,507)(333)
Consolidated:
Written$6,146,183 $3,216,538 $(4,809,079)$4,553,642 $6,152,101 $2,500,428 $(4,141,713)$4,510,816 
Earned$5,977,509 $1,450,552 $(3,196,996)$4,231,065 $5,863,070 $1,171,545 $(2,829,889)$4,204,726 

Quarter Ended June 30, Six Months Ended June 30,
2025202420252024
Ceded earned premiums to gross earned premiums
44 %43 %43 %40 %
Assumed earned premiums to net earned premiums
36 %32 %34 %28 %

Substantially all of the incurred losses and loss adjustment expenses related to the Company's fronted premiums were ceded. These gross losses totaled $1.3 billion and $2.3 billion for the quarter and six months ended June 30, 2025, respectively, and $593.9 million and $1.2 billion for the quarter and six months ended June 30, 2024.

The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.

Quarter Ended June 30, Six Months Ended June 30,
(dollars in thousands)2025202420252024
Gross losses and loss adjustment expenses$1,659,756 $1,577,820 $3,333,265 $3,271,667 
Ceded losses and loss adjustment expenses(371,564)(345,224)(790,491)(751,391)
Net losses and loss adjustment expenses$1,288,192 $1,232,596 $2,542,774 $2,520,276